The Earnings of College Graduates vs High School Graduates vs High School Dropouts
Education is one of the most important investments that an individual can make. The level of education that someone completes has a significant impact on their earning potential and career opportunities. In this article, we’ll take a closer look at the earnings of college graduates, high school graduates, and high school dropouts.
First, let’s take a look at the earnings of college graduates. According to data from the Bureau of Labor Statistics (BLS), the median weekly earnings for college graduates with a bachelor’s degree was $1,248 in 2020. This is significantly higher than the median weekly earnings for high school graduates, which was $746 in 2020.
Additionally, college graduates have a much lower unemployment rate than high school graduates. The unemployment rate for college graduates in 2020 was 4.1%, while the unemployment rate for high school graduates was 7.2%.
Furthermore, college graduates have access to a wider range of career opportunities, many of which are higher-paying jobs that require advanced skills. According to the BLS, many of the jobs that are projected to grow the most in the coming years, such as those in the healthcare and technology fields, require a college degree.
On the other hand, high school dropouts face significant barriers to employment and earning potential. According to a report from the Alliance for Excellent Education, the median earnings for high school dropouts were $19,540 in 2018. This is significantly lower than the median earnings for high school graduates and college graduates.
Additionally, high school dropouts have a much higher unemployment rate than high school graduates and college graduates. The unemployment rate for high school dropouts in 2020 was 11.5%, which is much higher than the unemployment rate for high school graduates and college graduates.
In conclusion, the earning potential of an individual is significantly impacted by the level of education they complete. College graduates tend to earn significantly more than high school graduates and have a lower unemployment rate, while high school dropouts face significant barriers to employment and earning potential. Investing in education is a crucial step to increase earning potential and have a successful career.